Resources
Description	Type
Record Rention Guide Read more below to view Gray, Gray & Gray's Record Retention Guides.	Tax Tips
Payments from ex-husband are taxable alimony A number of significant income tax issues should be considered in connection with a divorce. For example, alimony is deductible by the person making the payment. However, alimony is taxable income to the recipient.	Tax Tips
Farm income averaging may save tax Higher grain prices and increasing milk prices should lead to higher income for farmers and many planning opportunities for accountants. One of the opportunities is the strategic use of farm income averaging.	Tax Tips
Key provision of new healthcare law declared unconstitutional First, a federal district judge in Virginia ruled that the minimum essential coverage provision of the Patient Protection and Affordable Care Act is unconstitutional (Virginia v. Kathleen Sebelius, Dec. 13, 2010).	Tax Tips
Couple denied business expense deduction When taking business deductions on a tax return, it is important that you know the sometimes-complicated rules. One couple learned this lesson the hard way.	Tax Tips
Court holds IRA funds not protected from bankruptcy claims Anyone in financial distress who has substantial assets in one or more IRAs and who anticipates a possible bankruptcy filing should be vigilant about not using IRA funds in ways that could constitute a prohibited transaction.	Tax Tips
IRS approves severance of QTIP trust In a recent private letter ruling, the IRS allowed a surviving spouse to refuse part of his inheritance without compromising the qualified terminable interest property (QTIP) status of the inheritance he received.	Tax Tips
2010 Healthcare Reform Legislation Two bills signed into law by President Obama at the end of March will change health care in the United States and have an impact on every medical practice, employer and citizen of our country.	Tax Tips
Employee vs. independent contractor? Ask the IRS Proper classification of workers as employees or nonemployee workers is a tax issue that continues to attract the attention of IRS examiners.	Tax Tips
Tax law change brings planning opportunities As tax laws change, it is important to look ahead and be ready for potential planning opportunities.	Tax Tips
Roth IRAs offer benefits to taxpayers ROTH conversions have been in the news and on the minds of tax preparers and investment advisors for years, thanks impart to periodic legislation providing for deferral on the taxable income created from the conversion.	Tax Tips
Tax updates for exempt organizations With the calendar year 2010 Form 990 filing date for tax exempt organizations (TEOs) just around the corner (May 15, 2011), some new tax related items should be considered. A few of these items include:	Tax Tips
IRS streamlines process for taxpayers who owe The Internal Revenue Service has announced new steps to help people get a fresh start with tax liabilities by changing its lien filing practices that will lessen the negative impact on taxpayers.	Tax Tips
The Rules of Reporting Tip Income If you or your children work in an occupation in which tips are part of total compensation, you need to be aware of several facts relating to federal income taxes.Here are four things you should know about tip income:	Tax Tips
More Healthcare Provisions now in Effect The Affordable Care Act, enacted on March 23, 2010, contains some tax provisions that took effect in 2010. Others became effective for 2011. More will be implemented during the next several years. The IRS has provided a list of provisions now in effect:	Tax Tips
Important change in payroll tax withholding for 2011 The 2010 Tax Relief Act, enacted during December 2010, impacts all taxpayers. One provision has an immediate impact on employees and the businesses that employ them, as well as not-for-profit organizations with employees and individuals who have household	Tax Tips